A copy of the Institute’s final submission to the International Accounting Standard's Board (IASB) on its Exposure Draft (ED) 'Proposed Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards’is available here. This ED was released on the IASB’s website on 25 January 2007 for comment by 27 April 2007.  
 
The ED provides further exemptions from the requirements of IFRSs when they are adopted for the first time. The proposals are aimed at relieving the difficulties encountered by parent companies in measuring the cost of an investment in a subsidiary on adopting IFRSs. In brief, the Institute's submission is in support of the proposal to allow the use of deemed cost for an investment in a subsidiary.